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Bali and Cryptocurrency

20 August 2018

 

Cryptocurrency has been the buzzword of 2017 and with the recent decline in price (bitcoin: USD$6400 at time of writing) in 2018; cryptocurrency has cooled off for a bit but if you were to speak to some pundits in the street than it is expected to take off again soon. Bali too has had its fair share of media coverage of Cryptocurrency recently. In early 2018 the Bank of Indonesia made headlines by publicly hitting out at Bali businesses  transacting in Cryptocurrency to the strong tourist demand by using covert agents. Only to later reveal in mid June 2018 that the security commission of Indonesia was set to consider Cryptocurrency as a legal commodity to be traded in futures markets in Indonesia.

With this Indonesian government green lighting crypto, many businesses not only on the Island of Bali but throughout Indonesia have comeback to accepting Cryptocurrency to lure the tourist coin once again.

The biggest tourist dollar by volume that flows into Bali is by far the Australian holidaymaker, although a slow adopter of cryptocurrency relative to other South East Asian country standards, that may soon change. Meet the one coin that could help that adoption along, Strayacoin. Released on Australia day 2018, with no pre-mine (a key requirement for ‘coiners’  to being able to have trust in a coin) but a true proof-of-work cryptocurrency that is mined and in the coming decades will be capped at ~25 million coins (Australia’s population on the day it was created) has just the right amount of no bullshit and every ounce of piss-take to appeal to the Australian and to be the unofficial official Cryptocurrency of Australia.

Just over 6 months on from release and the Australian developers have developed Android wallet and POS solutions free on the Play store already and with the ios wallet yet to be approved by apple’s new cryptocurrency app rules. There is also other tools developed such as block explorers and online wallets to help with practical use case and adoption.

Already being used on the mainland by businesses willing to trade Nahs (Strayacoin’s unit of measure) for goods and services, it is only a matter of time the Balinese and other South East Asian tourist hot-spots accept Strayacoin to attract the Australian consumer.

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